(Corrects story published on May 17 to show that
acquisition happened last year in first paragraph and third.)

May 17 (Bloomberg) -- International Breweries Plc rose to a
record on rising capacity after SABMiller Plc acquired the
Nigerian beermaker last year.

The company’s shares advanced for a 7th day, rising 10
percent to 28.67 naira by the close in Lagos, Nigeria’s
commercial capital, the highest since at least April 2002, when
Bloomberg started compiling the data. More than 75 percent of
the three-month daily average of shares were traded.

SABMiller, the world’s second-largest brewer by volume,
bought 72.9 percent of International Breweries last year, the
company said by e-mail. Since then capacity at the Ilesha,
Nigeria-based brewery has been expanded 30 percent, according to
the company.

“The stock is on full bid as investors anticipate higher
revenue and dividend for March year-end,” David Adonri, chief
executive officer of Lagos-based brokerage Lambeth Trust and
Investment Co., said by phone today. “The investment by
SABMiller fuels the speculation.”

SABMiller, which has brewing or beverage interests in 32
African countries, entered the Nigerian market in 2009 with the
purchase of a controlling interest in Pabod Breweries, based in
the southern oil hub of Port Harcourt. In August, it opened a
brewery in the southeastern city of Onitsha.

International Breweries, which changed its year-end to
March from December said on Nov. 2 profit for the nine months
through September doubled to 1.29 billion naira ($8.1 million).
Revenue rose 32 percent to 9.1 billion naira, it said. Two calls
made to the company’s office in the western city of Ilesa, Osun
state, didn’t connect today.

The shares have surged 77 percent this year, compared with
a 31 percent advance in the Nigerian Stock Exchange All-Share
Index.